• Sat. Jun 22nd, 2024

Solana Suffers Another Attack

Scott Wilson

ByScott Wilson

Dec 13, 2021

As a leader in any space, you are bound to have enemies trying to pull you down. That’s the situation of the Solana blockchain right now. The fifth leading digital asset announced that its blockchain had been attacked again. But the incident didn’t affect its online presence.

The Attack

A Solana-built NFT project (Blockasset) was the first to observe and report the case of the DDoS attack on the blockchain following a noticeable delay in the distribution of its tokens. Another Solana-built project (Genesysgo) also confirmed Blockasset’s information. A DDoS attack is when a network experiences loads of false traffic (from interconnecting devices), which can make it disconnected from the internet.

Solana has experienced a similar problem before now. Three months ago, Solana blockchain was offline for nearly 18 hours because Solana-built Raydium (an initial DEX) was undergoing a mass booting activity. The Solana foundation is yet to confirm or deny the news or provide any update regarding the incident. Hence, details about the attack are still sketchy right now.

Fortunately, the blockchain remains online as of this writing. Despite no news being released concerning the incident, SOL’s price has dipped by more than 3% in the past 24 hours. It is also 37% short of its $265 peak price, set in May.

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Diverse Reaction Concerning The Incident

Some crypto advocates have argued that the Solana network went offline during the incident. Some Reddit Solana members claim that the network issue might result from another Raydium IDO launch. They opined that the Solana network has been having issues over the last six months because of Raydium’s IDOs and launches.

Another member of the group with the username, u/laine_sa, claimed that the Solana-Raydium issue is now a thing of the past because the network has put in place adequate measures to prevent what happened in September 2021 from repeating itself.

She also claimed that the developers are working round the clock to prevent issues like this, but it’s not something that can be completed quickly.

SOL Could Still Price Correct By 10%

While SOL price is still bearish, a reversal looks imminent as it draws close to a 10% support at about $152. The bulls will intensify a buying pressure once the SOL price retests the orange ascending line (see below). Once this happens, a trend reversal will occur, which might happen in the next few hours or days. Then, it will trigger a SOL bullish action that can result in SOL trading at almost $220.

SOL/USD 24-hour chart. Source: TradingView

The fast-spreading omicron COVID-19 variant and the Fed’s dovish stance have been causing a downward movement in some digital asset prices, most notably, Solana. However, an imminent risk-on sentiment would likely cause the start of a trend reversal as of December 13. Keep in mind that liquidity will start dropping as we approach the end of the year because some traders will start exiting their positions. Hence, some wavy-like price fluctuations might happen with the SOL price.

Scott Wilson

Scott Wilson

Scott Wilson is a seasoned news writer and journalist known for his compelling storytelling and in-depth reporting. With a keen eye for detail and a dedication to accuracy, his articles provide readers with a well-rounded understanding of current events and their impact.

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